Lagos State Governor Babajide Sanwo-Olu has outlined plans to transform the state’s economy into a nearly $1 trillion powerhouse by 2052, identifying infrastructure development, technological innovation and private-sector investment as major drivers of the ambition.
The governor said the target formed part of the Lagos State Development Plan 2052, a long-term economic blueprint designed to strengthen the state’s position as a competitive commercial and financial centre.
Speaking on Wednesday at the Lagos Executive Business Breakfast Meeting organised by the Nigerian-British Chamber of Commerce (NBCC) in Lekki, Sanwo-Olu urged investors to explore opportunities beyond the state’s consumer market.
The event, themed “The Future of Lagos: Business, Investment and Global Competitiveness,” brought attention to the policies and investments required to sustain the state’s economic expansion.
According to Sanwo-Olu, the development plan contains 447 initiatives spanning 21 strategic sectors.
He explained that the blueprint rests on four pillars: a thriving economy, a human-centred city, modern infrastructure and effective governance.
The governor said achieving the long-term target would require sustained investment in transportation, energy, digital infrastructure, education and healthcare.
Highlighting projects undertaken by his administration, Sanwo-Olu identified the Lagos Blue and Red rail lines as important components of efforts to improve urban mobility.
He also pointed to the Lekki Deep Sea Port, industrial developments and improvements in electricity regulation as initiatives intended to strengthen economic activity.
According to him, investments in digital connectivity and the state’s expanding technology and creative industries are creating additional opportunities for businesses and investors.
Sanwo-Olu maintained that improvements in port operations and industrial infrastructure had supported manufacturing activities and employment opportunities.
He also disclosed that the state was expanding financial assistance to small and medium-sized enterprises through grants and other support programmes.
The governor said workforce development remained essential to preparing residents for opportunities in emerging industries.
On public finances, Sanwo-Olu revealed that the state’s annual budget had increased from approximately ₦700 billion in 2019 to ₦4.2 trillion in 2026.
He said the expansion reflected growing development requirements and underscored the need to strengthen revenue generation.
Reflecting on his administration since May 2019, the governor said he hoped to be remembered for improvements in transportation, healthcare, education, security and economic empowerment.
He encouraged NBCC members to regard Lagos as a destination for manufacturing, innovation, regional commerce and international investment.
Meanwhile, NBCC President and Chairman Abimbola Olashore called for stronger cooperation among government institutions, businesses and investors.
Olashore said collaboration would help improve the business environment and attract additional investment.
He reaffirmed the chamber’s commitment to strengthening trade and investment relations between Nigeria and the United Kingdom.
Ezeana Emmanuel
